Universal Health employees want answers about 401(k) money

It has been nearly a year since federal agents shut down the St. Petersburg offices of Universal Health Care and employees say they still cannot access their 401(k) retirement plans.

Approximately 200 employees who put money into the 401(k) plans say they are locked out from accessing or transferring the money because it has been frozen by Universal’s bankruptcy trustee. Employees are becoming increasingly anxious and angry about their money, WFLA reported.

But a benefits attorney who is advising the bankruptcy trustee contacted by WFLA said the money is secure and it takes a while to “wind down” the 401(k) plan and arrange to distribute the money while accounting for what contributions were made by employees before tax and after tax.